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The blockchain network Fantom is partnering with Formula One driver Pierre Gasly for the upcoming racing season. The partnership is one of several that aim to encourage mass adoption of the blockchain platform. The Fantom Foundation has also announced collaborations with Sushiswap, Yearn, FTX, Solana, Serum, Curve, Keep3rV1, Cover, C.R.E.A.M., Frax and The Graph Protocol in the last two months.
“Very happy to be part of the Fantom Foundation adventure together with the Quantum FinTech Group,” Gasly said in a tweet. “Fantom is the world’s first smart contract platform ready for mass adoption, allowing instant transactions and nearly zero cost.”
Gasly is a driver for Scuderia AlphaTauri, an Italian Formula One racing team and constructor. Gasly had a great race at the Emilia Romagna Grand Prix 2021 in April. He is beginning his fourth Formula One season as Scuderia AlphaTauri’s all-time top point scorer.
Fantom is a scalable and secure blockchain platform for DeFi, crypto dApps, and enterprise applications. It is a layer-one platform powered by an advanced DAG-based aBFT consensus algorithm known as ‘Lachesis.’ It provides users a way to build applications to securely send payments, exchange digital currencies, store sensitive information, and more.
The technology was created by Andre Cronje, the founder of DeFi projects YFI and Keep3. The Fantom Foundation has evolved into a team of engineers, scientists, researchers, designers, and entrepreneurs who are committed to providing technology that solves the blockchain trilemma of speed, security, and decentralization.
How Fantom Works
Fantom has a core architecture of three layers built for high volumes, precise execution, and interoperability.
The base layer is the unique aBFT consensus mechanism, Lachesis, that powers the blockchain. Lachesis is asynchronous, leaderless, Byzantine Fault Tolerant, and final: users have the freedom to process commands at different times, no participant plays a “special” role, it supports one-third of faulty nodes, and transactions are final in seconds.
The middle layer, middleware, is EVM compatible and fully interoperable.
“Developers can port their existing Ethereum-based dApps on Fantom Opera mainnet in a matter of minutes, substantially upgrading the performance and lowering the costs,” Fantom’s website states.
The top layer runs compatible applications for governing and smart contracts, or dApps.
How Fantom is Revolutionizing Blockchain
Fantom solves the blockchain trilemma, which claims optimizing speed, security, and decentralization at the same time is impossible without any tradeoffs. For example, Bitcoin has strong security but can take up to 60 minutes to clear. Fantom takes seconds.
Fantom’s aBFT consensus allows transactions to be processed asynchronously, resulting in faster speed than synchronous BFT ledgers such as Ethereum and Bitcoin.
Fantom is secure and environmentally-friendly through its use of Proof-of-Stake, preventing centralization and saving electricity. Proof-of-Work, used by Bitcoin and Ethereum requires huge amounts of energy.
Fantom is scalable as networks are built independent from one another. Each application is given its own blockchain, therefore, the efficiency is unaffected by traffic or congestion. Imagine each application running on different computers that are connected to the same network. Thousands of networks can be used on Fantom with no compromise in speed or security. Each network can be customized to specific needs, forming a full decentralized ecosystem.
Fantom is also modular. Powered by lachesis, Fantom’s Opera mainnet deployment makes the platform flexible.
“Developers can port their existing Ethereum-based dApps on Fantom Opera mainnet in a matter of minutes, substantially upgrading the performance and lowering the costs,” Fantom’s website states.
Fantom in the Future
Fantom is suitable for banks, government agencies, and other organizations that haven’t adopted alternative blockchain platforms. It can be used to securely store medical data, financial data, election results, and other sensitive information.
Transactions through blockchain technology are traditionally slow and come with costly transaction fees. Fantom is faster and highly cost effective compared to earlier blockchain platforms, while still providing optimal security.